The cryptocurrency market is starting the week on a positive note, and one prominent analyst predicts that Bitcoin (BTC), the sector’s flagship asset, will soon break out of its current range and reach a price top of $85,000.
In particular, as highlighted in an April 8 X post by expert crypto trader Ali Martinez, Bitcoin seemed to be breaking out of its symmetrical triangle chart pattern. Martinez predicted that if Bitcoin held above $70,8000, $85,000 would be its next objective.
It seems that the flagship decentralised finance (DeFi) asset has broken out of its pattern at the above critical resistance point, according to Martinez’s research. This indicates that the asset is now in an uptrend and that its price will continue to rise, maybe reaching a new ATH.
At the same time, as of this writing, the first cryptocurrency asset was trading hands for $72,720, indicating a gain of 4.93% in the last 24 hours, an increase of 3.93% in the past seven days, and a gain of 5.55% on its monthly chart, according to the most recent statistics.
In light of the impending BTC halving date on April 17, which might aid its impending price increase, Bitcoin may indeed reach the $85,000 price objective shortly, meeting the positive forecasts of the analysts.
However, it is essential to do one’s own study before buying, since the percentage rise post-halving has dropped with time, so the gains that should follow the Bitcoin halving date will likely be smaller compared to its advances following past halving events.
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